E2-11 Presented below is the ledger for Sparks Co. Ltd.Journalize transactionsaccount data and prepaNo. 101Share Capital-Ordinary No. 311 trial balance.Cash5,000 10/4650 10/123,000 10/15500 10/302,000 | 10/31Accounts Receivable No. 1121,100 10/205,000 (LO 4, 7)2,00010/140010/110/101,50010/2510/10280DividendsNo. 33210/2030010/3030010/25600Service RevenueNo. 40010/650010/61,10010/1065094010/2094010/20SuppliesNo. 126Salaries and10/4400Wages Expense600No. 726EquipmentNo. 15710/3110/32,000Rent ExpenseNo. 729Notes Payable|10/10No. 20010/152803,000Accounts Payable No. 2011,500 10/310/122,000Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and20, and provide explanations for each.(b) Determine the October 31 balance for each of the accounts above, and prepare a trialbalance at October 31, 2017.

E2-11 Presented below is the ledger for Sparks Co. Ltd. Journalize account da No. 101 Share Capital-Ordinary No. 31i trial balanc 5,000 (LO 4, 7) Cash 5,000 10/4 650 10/12 3,000 10/15 500 10/30 2,000 | 10/31 Accounts Receivable No. 112 1,100 10/20 940 10/1 400 10/1 10/10 1,500 10/25 2,000 10/10 280 Dividends 300 | No. 332 10/20 300 10/25 600 10/30 Service Revenue No. 400 10/6 10/10 10/20 1,100 650 940 10/6 500 10/20 Supplies No. 126 Salaries and Wages Expense 600| 10/4 400 No. 726 Equipment 2,000 No. 157 10/31 10/3 Rent Expense 280 No. 729 Notes Payable T10/10 No. 200 10/15 3,000 Accounts Payable No. 201 1,500 | 10/3 10/12 2,000 Instructions (a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. (b) Determine the October 31 balance for each of the accounts above, and prepare a trial

E2-11 Presented below is the ledger for Sparks Co. Ltd. Journalize account da No. 101 Share Capital-Ordinary No. 31i trial balanc 5,000 (LO 4, 7) Cash 5,000 10/4 650 10/12 3,000 10/15 500 10/30 2,000 | 10/31 Accounts Receivable No. 112 1,100 10/20 940 10/1 400 10/1 10/10 1,500 10/25 2,000 10/10 280 Dividends 300 | No. 332 10/20 300 10/25 600 10/30 Service Revenue No. 400 10/6 10/10 10/20 1,100 650 940 10/6 500 10/20 Supplies No. 126 Salaries and Wages Expense 600| 10/4 400 No. 726 Equipment 2,000 No. 157 10/31 10/3 Rent Expense 280 No. 729 Notes Payable T10/10 No. 200 10/15 3,000 Accounts Payable No. 201 1,500 | 10/3 10/12 2,000 Instructions (a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. (b) Determine the October 31 balance for each of the accounts above, and prepare a trial

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Balance Sheet Equity APIC Events Assels Liab Acct Payable Div Payable Notes Payable Cash 257.000.00 S Acct Rec 17,500.00 $ Inventory 28.000.00 Common Stock 200,000.00$ Equipment Land 50,000.00 | $ |Accum Depr 8,333.00 $ Wages Payable Retahed Earnings 176,167.00 Account Titles for Retained Earnings Building 250.000.00-| Beginning Balances as of Dec 31, Year 1 118,000.00 100,000.00 $ 500,000 1.Acquired $550,000 by signing a note payable with a local bank 2. Sold 25.000 shares of $22 Common Stack for $1,500,000 3. Purchased Equipment for $300.000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sa. Sold 15,000 units at $3.50 on Account 5b. COGS for Sales on AccoLnt 6. Collect $70,000 on Account 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170.000 Units at $1.50per unit 9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218.600 of Accounts Payable 12. Purchased Inventory on…
BBP, Inc., with sales of $600,000, has the following balance sheet: BBP, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 30,000 Accounts payable $ 18,000 Accounts receivable 90,000 Accruals 36,000 Inventory 108,000 Notes payable 70,000 Current assets 228,000 Current liabilities 124,000 Fixed assets 180,000 Common stock 120,000 Retained earnings 164,000 Total assets $ 408,000 Total liabilities and equity $ 408,000 The firm earns 15 percent on sales and distributes 25 percent of its earnings. Using the percent of sales, determine whether the firm will need external funds and forecast the new balance sheet for sales of $780,000 assuming that cash changes with sales and that the firm is not operating at capacity. Use newly issued short-term debt to cover any needs for additional finance. If the firm has excess funds, add them to cash. Round your answers to the nearest dollar. Enter your…
Data pertaining to the current position of Forte Company follow:Cash $412,500Marketable securities 187,500Accounts and notes receivable (net) 300,000Inventories 700,000Prepaid expenses 50,000Accounts payable 200,000Notes payable (short-term) 250,000Accrued expenses 300,000 Instructions1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios in parts b through j to one decimal place.2. List the following captions on a sheet of paper:Transaction Working Capital Current Ratio Quick Ratio Compute the working capital, the…
The account balances for KinderMorgan Account Title Balance Accounts Payable $8,990 Accounts Receivable, 1/1/22 4,455 Accumulated Depreciation 21,500 Building 65,000 Cash 10,300 45,000 Common Stock Delivery Truck Depreciation Expense Dividends 9,700 4.210 2,100 Marketable Equity Securities 3,400 Accounts Receivable, 12/31/22 5.250 Determine the Debt to Equity Ratio: 0.1114 0.1694 0.2101 0.1482 O 0.1783 are listed below. All balances are as of December 31, 2022, except where noted: Account Title Balance Inventory, 1/1/22 $2,040 Supplies 7,500 Salaries Expense 11,250 54,005 7,850 Retained Earnings, 1/1/22 23,480 Equipment 15,700 Prepaid Expenses 2,600 Cost of Goods Sold 16,350 Notes Payable (due 2024) 5.400 Inventory, 12/31/22 3,660 Net Revenue Rent Expense
A7 please help....
Current Position Analysis The following items are reported on a company's balance sheet: Cash $354,100 Marketable securities 276,700 Accounts receivable (net) 297,400 Inventory 178,500 Accounts payable 357,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.
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The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500 Calculate the amount of current assets.(a) $223 (b) $248(c) $280 (d) $428
< The following items are reported on a company's balance sheet: $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place. Cash a. Current ratio b. Quick ratio
Net Sales COGS Net Income Accounts Receivable Inventory Current Assets Fixed Assets Total Assets Current Liabilities Long-Term Debt Total Liabilities Shareholder's Equity Number of Shares Outstanding now Transcribed Text 1 10586 1582 2936 3333 1 7929 7294 15223 3026 288 3314 11909 7493 G C 2 4048 2025 21 230 44 299 1281 1580 369 245 614 966 48 Questions 1. What company collects its receivables the slowest? 2 w 3 213 66 7 9 16 68 12 80 23 1 24 56 24
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